Basic financial literacy around saving, debt management and investing is something many people have never been taught, but recent data from the Financial Planning Association, or FPA, show that they want to learn.
Just ahead of Financial Literacy Month, which is April, the FPA released stats about its programs from 2022, showing that attendance increased by 212% during the year. As chapters around the country expanded the resources they provide to their communities, the headcounts at financial literacy workshops and pro bono planning sessions grew to 17,302, up from 5,546 in 2021, the group announced Tuesday.
The workshops have grown in number and are increasingly available online, largely as a response to the pandemic. Topics cover financial planning, budgeting, investing, retirement and other areas, designed to provide advice they can easily use, according to FPA.
“Financial education is key to empowering individuals and families to make informed decisions about their finances and to achieve their financial goals,” FPA president James Lee said in the announcement. “FPA chapters and members are committed to positively impacting the lives of those who may not have regular access to such important, life-changing advice.”
Higher levels of financial literacy correlate with financial well-being, according to results of a Finra survey published in 2022. People who answered more questions correctly on a financial literacy quiz were significantly more likely to spend less than they earn, have three months of emergency savings and have a retirement savings account, Finra found.
Another survey of 3,000 people last year by the National Financial Educators Council found that a lack of financial education cost an average of more than $1,800 during the year, according to respondents’ own estimates.
Last year, the pro bono work that a total of 962 FPA members provided covered more than 11,500 hours across more than 4,400 recipients.
The FPA pointed to efforts last year at several chapters, including those of Dallas/Fort Worth, Orange County and the Washington, D.C. area. The Dallas/Fort Worth chapter worked with community groups to provide financial literacy courses to hundreds underserved people in the area.
The Orange County chapter provided one-on-one time with members and developed a bilingual educational and outreach program to help serve Spanish-speaking residents, FPA stated.
Meanwhile, FPA of the National Capital Area, the Washington, D.C. chapter, worked with the University of Maryland Global Campus to provide an online financial wellness day event.
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